PaxMedica Acquires Suramin Research Assets from Rediscovery Life Sciences to Accelerate NDA Submission for PAX-101

2023-10-31

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TARRYTOWN, New York, Oct. 31, 2023 (GLOBE NEWSWIRE) -- via IBN -- PaxMedica, Inc. (Nasdaq: PXMD), a pioneering biopharmaceutical company specializing in cutting-edge treatments for neurological disorders, announced today the successful acquisition of certain suramin research assets from Rediscovery Life Sciences (RLS). These assets were previously dedicated to the study of suramin's potential efficacy in treating acute kidney injury resulting from chronic kidney disease.

The newly acquired data from RLS will play a crucial role in bolstering PaxMedica's ongoing efforts to support the submission for the approval of PAX-101, specifically for the treatment of African Sleeping Sickness caused by the Trypanosoma brucei rhodesiense parasite.

This strategic move follows PaxMedica's recent Type B meeting with the FDA. The integration of the valuable data from Rediscovery Life Sciences will serve as a complementary component in the planned submission for the NDA, further solidifying the company's progression toward this critical milestone. PaxMedica remains firmly on track to meet the CMC manufacturing production requirements for PAX-101 in the first half of 2024.

In a recent statement, Howard Weisman, Chairman and CEO of PaxMedica, emphasized the significance of this acquisition, stating, "Acquiring the research assets from Rediscovery Life Sciences marks a significant leap forward in our journey to expedite the NDA submission process for PAX-101. This valuable addition of data will significantly contribute to our mission of delivering effective and life-saving treatments for Human African Sleeping Sickness."

About PaxMedica

PaxMedica, Inc. is a forward-looking clinical-stage biopharmaceutical firm specializing in cutting-edge anti-purinergic drug therapies (APT) designed to address challenging neurologic disorders. Our scope encompasses a spectrum of conditions, from neurodevelopmental disorders, including Autism Spectrum Disorder (ASD), to the debilitating Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (ME/CFS), marked by both physical and cognitive burdens. At PaxMedica, we prioritize the advancement and evaluation of our flagship program, PAX-101—an intravenous suramin formulation—primarily focused on ASD treatment, while also broadening our clinical insights into its potential applications for conditions such as ME/CFS. For more information, visit www.paxmedica.com.

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Forward-Looking Statements

This press release contains “forward-looking statements.” Forward-looking statements reflect our current view about future events. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. These forward-looking statements include our anticipated clinical program, the timing and success of our anticipated data announcements, pre-clinical and clinical trials and regulatory filings, statements about the strength of our balance sheet. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Such risks and uncertainties include, but are not limited to, risks associated with the Company’s development work, including any delays or changes to the timing, cost and success of the Company’s product development and clinical trials, risk of insufficient capital resources, cash funding and cash burn and risks associated with intellectual property and infringement claims. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results described in the Company’s “Risk Factors” section and other sections in its most recent Annual Report on Form 10-K, and subsequent quarterly and other filings with the U.S. Securities and Exchange Commission.

Contacts

PaxMedica, Inc.

303 S Broadway,

Suite 125.

Tarrytown, NY 10591

www.paxmedica.com

Media Contact

media@paxmedica.com

Investor Contact

Scott McGowan

InvestorBrandNetwork (IBN)

Phone: 310.299.1717

ir@paxmedica.com